Alltop, all the top stories
March 21, 2012

Can The Saudis Save Us?

 

In a word: ‘No’. While the Kingdom announced it would turn on the spigot in case the Iranians turn theirs off, that just won’t be enough to stave off higher oil prices.

There has actually been little impact on global oil supply because of the tougher sanctions on Iran. The US market is well supplied – enough oil in storage tanks to cover 57.5 days of demand.

Just tell that to the speculators on Wall St. Goldman Sachs says that heavy speculation does have an effect on oil prices. In fact,

Goldman’s oil analyst wrote in a note last month that every million barrel equivalent of oil futures that was net long the market adds 10 cents to the price of oil. The market is currently net long US benchmark crude, or WTI, by 258,406 contracts which is equivalent to 258 million barrels of oil. At 10 cents per every million barrels, that would mean speculation is currently adding $25.80 to every barrel of oil — without the excess speculation, oil would trade at around $81.52.

Which way do you see oil prices going?

Filed under:Fuel cost,Fuel Cost Control,Fuel Price Trends,Gas price | by Pump Girl @ 5:19 pm | 

March 15, 2012

Buy The Rumor, Sell The News

 

Oil Traders get a bonus today as reports came out that the US would begin releasing its oil reserves. But NO!

Although apparently Obama and PM David Cameron discussed the matter, no agreement was reached.

Pump prices not going anywhere soon.

Filed under:Fuel cost,Fuel Price Trends,Gas price | by Pump Girl @ 7:20 pm | 

March 12, 2012

US Oil Imports Down 10%

 

A year ago, President Obama pledged to reduce US dependence on foreign oil by 1/3 within a decade. We are going in the right direction!

Who knows why we waited so long? What are we doing right?

Higher US oil production does help, but in reality it’s only a drop in the bucket. Higher fuel efficiency in cars, use of renewable energy elsewhere and (unfortunately)an economy that is not close to cooking on all burners all contributed.

That said, the US only holds 2% of the oil reserves on the planet, but consumes 25%. You do the math.

Filed under:Fuel cost,Fuel Economy,Fuel Price Trends,Gas price,Presidential Election | by Pump Girl @ 12:33 pm | 

March 6, 2012

How to Deal with $5 gas

 

It’s coming and you can’t do anything about the price, but there are some things you can do to use less of it.

These are not 7 ‘secret tips.’ You have heard them all before.

1. Have your tires checked. Wheel alignment and tire pressure are both important.

2. Check for the best deals in your area. GasBuddy.com can help. You can also get an ap for your mobile phone.

3. Don’t speed. You can reduce consumption by 7% for every 5 miles you cut back on the highway.

4. Get a tune-up to burn your fuel most efficiently.

5. Do not ride your brake. Use it for stopping.

6. Take advantage of gas card benefits.

7. Drive as smoothly as possible.

You’re welcome :)

Filed under:Fuel cost,Fuel Cost Control,Fuel Economy,Gas price | by Pump Girl @ 6:59 pm | 

March 2, 2012

Truth or Dare

 

The price of oil spiked yesterday at the end of the day on rumors of a pipeline explosion in Saudi Arabia. Officials denied the report. Gosh, a little bad news sure sends oil prices up,up, up.

What about Iran’s nuclear program? I’m worried.

How about Israel and its new ballistic interceptor missile? Iran’s not gonna like that one. More worries.

“The Iran crisis has led to a sharp rise in the oil price since the beginning of the year,” said a report from Commerzbank in Frankfurt. “Concerns about supply disruptions are likely to persist for some time, justifying a longer lasting risk premium on the oil price.”

Worried.

Filed under:Fuel cost,Gas price,Hedging | by Pump Girl @ 2:01 pm |